Cooperative societies have been operating traditionally all along, it’s an ageless principle that people become members and begin to contribute money so they can be able to raise money to help each other by giving them loans when they need it. They have people stand for them as guarantors and by word of mouth, trust is ensured. In the 21st century, this concept has continued to exist but with a twist.
A rising number of people are finding it hard to get jobs, payday loans are becoming an expensive reality that they can’t afford, and they’ve got mouths to feed. At Cooperative societies, you will find that there are no credit checks and no hassles
You have to pay a fee to be a member because there are numerous benefits and it won’t be associated with outsiders but just members alone
CONTRIBUTIONS OR SAVINGS as you might call them are done weekly or monthly by every member because in a specified period after having saved, you are eligible to get a LOAN that’s worth 200% of the amount of money you have with the cooperative society
Every year the contributions are put into work and profits are being made and shared amongst the members annually as DIVIDENDS
A lot is been done in different cooperative societies but these are the basic things being done in every cooperative society and it is for everyone whether young or old, small business owner, a civil servant, a parent, an entrepreneur, a manufacturer e.t.c
Cloud cooperative is an online cooperative society that inculcated the idea of a cooperative society online so you can join from any part of the world and you don’t necessarily need to attend meetings or inconvenience yourself in any way but from the comfort of your home you can become a member by paying the fee and enjoying numerous benefits associated with Cloud Cooperative which are way beyond the traditional cooperative society.
